Chainlink's native token LINK climbed 3% to $18.80 amid whale accumulation following the October crypto crash. Large holders withdrew nearly 10 million tokens from Binance, worth about $188 million. The price breakout above key resistance signals potential upside, though subdued volume calls for caution.
Chainlink's LINK token advanced 3% to $18.80 on Monday, outperforming the broader crypto market after struggling to recover from October's correction. The token established higher lows at $18.10 and $18.42, forming a bullish structure, according to CoinDesk Research's technical analysis model. A breakout above the key $18.70 resistance level came with a volume spike to 3.07 million, but overall trading activity remained more than 5% below the seven-day moving average, indicating subdued participation.
Blockchain analyst Lookonchain noted that LINK whales withdrew nearly 10 million tokens from Binance since the October 11 crypto crash. At current prices, this accumulation totals roughly $188 million, suggesting steady demand from deep-pocketed investors.
Technically, strong support holds at $18.24, with resistance near $18.70-$18.75. The ascending channel structure has been intact since mid-2023, with a recent bounce from the lower boundary. Immediate upside targets $20.04, though downside risk points to $18.10 if momentum fades. The 24-hour volume declined 5.55% below weekly averages despite the price gain, highlighting limited institutional involvement so far.